In its latest Jersey City deal, Mack-Cali and its multifamily investment arm, Roseland Residential, landed $300 million in financing to develop The Charlotte, a 750-unit community that will include 37 affordable apartments and a 36,000-square-foot elementary school.
The area has been a hot spot for multifamily development in recent years, drawn by demand from both renters and buyers looking for more value but still wanting to remain close to Manhattan. Mack-Cali has been an active investor and developer in Jersey City this year, most recently selling Liberty Towers, a 648-unit luxury property, for $409 million.
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A CBRE team of Michael Sherman and Irene Lu secured the non-recourse, LIBOR + 270 loan on behalf of Mack-Cali. The loan has a five-year term with a one-year extension. Sherman said in a statement that the “trophy quality” of the property led to a competitive bidding process for the loan.
The REIT broke ground on the property earlier this year and is projecting to deliver the project in the first quarter of 2022, according to Mack-Cali. Once the property is complete, the ownership will deed to the elementary school over to the City.
The 57-story, Class A residential development is rising at 25 Christopher Columbus Drive, about five blocks from the Jersey City waterfront. Apartment layouts will include a mix of studio, one-, two- and three-bedroom units ranging in size from 444 to 1,503 square feet. Interiors will feature finishes including engineered hardwood flooring, Caesarstone counters, stainless steel appliances and manual solar shade window treatments.
Resident amenities offered at the property will include a concierge, a bowling alley, spin and yoga studios, a children’s play room, club room, private conference rooms, golf simulator, dog grooming area and rooftop dog run, a pool deck and a rentable party room with a sky terrace.